AtriCure (NASDAQ:ATRC) Shares Gap Up on Earnings Beat

Shares of AtriCure, Inc. (NASDAQ:ATRC) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $31.73, but opened at $37.70. AtriCure shares last traded at $37.03, with a volume of 594,302 shares.

The medical device company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.13. AtriCure had a negative return on equity of 4.21% and a negative net margin of 7.27%. The business had revenue of $136.14 million for the quarter, compared to analyst estimates of $130.17 million. During the same period last year, the company earned ($0.17) EPS. The firm’s revenue was up 17.1% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wall Street Zen lowered AtriCure from a “buy” rating to a “hold” rating in a research report on Sunday, June 1st. Needham & Company LLC raised their price target on AtriCure from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday. JMP Securities restated a “market outperform” rating and issued a $60.00 price target on shares of AtriCure in a research report on Wednesday, April 30th. Finally, UBS Group reduced their price target on AtriCure from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.78.

Insiders Place Their Bets

In other AtriCure news, insider Vinayak Doraiswamy sold 2,500 shares of AtriCure stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $33.44, for a total transaction of $83,600.00. Following the transaction, the insider directly owned 73,550 shares in the company, valued at approximately $2,459,512. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in AtriCure during the second quarter worth about $318,000. WCM Investment Management LLC lifted its holdings in AtriCure by 69.4% during the second quarter. WCM Investment Management LLC now owns 327,498 shares of the medical device company’s stock worth $10,572,000 after acquiring an additional 134,146 shares in the last quarter. Marks Group Wealth Management Inc raised its stake in shares of AtriCure by 36.8% in the 2nd quarter. Marks Group Wealth Management Inc now owns 28,973 shares of the medical device company’s stock valued at $949,000 after purchasing an additional 7,788 shares during the period. Truist Financial Corp raised its stake in shares of AtriCure by 11.6% in the 2nd quarter. Truist Financial Corp now owns 21,206 shares of the medical device company’s stock valued at $695,000 after purchasing an additional 2,198 shares during the period. Finally, First Bank & Trust acquired a new stake in shares of AtriCure in the 2nd quarter valued at about $273,000. 99.11% of the stock is currently owned by institutional investors.

AtriCure Price Performance

The company has a 50 day simple moving average of $32.28 and a 200-day simple moving average of $34.31. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of -45.62 and a beta of 1.56. The company has a current ratio of 4.11, a quick ratio of 2.88 and a debt-to-equity ratio of 0.16.

AtriCure Company Profile

AtriCure, Inc develops, manufactures, and sells devices for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves to medical centers in the United States, Europe, the Asia-Pacific, and internationally. The company offers Isolator Synergy Clamps, single-use disposable radio frequency products; multifunctional pens and linear ablation devices, such as the MAX Pen device that enables surgeons to evaluate cardiac arrhythmias, perform temporary cardiac pacing, sensing, and stimulation, and ablate cardiac tissue with the same device; and the Coolrail device, which enables users to make longer linear lines of ablation.